Loan taken by a company from nbfc treated deposits
This query is : Resolved
18 April 2014
1) Whether the loan taken by a Company from NBFC treated as deposits?
18 April 2014
No
Section 73 of the Companies Act, 2013 states that the restrictions of “Acceptance of Deposits” will not be applicable on NBFC.
Also as per Rule 2 (c) of the Acceptance of Deposits Rules, the amount received from recognised Public Financial Institution (which as per RBI guidelines covers NBFC) will not be treated as deposits.
Thus, a Company can take loans from NBFC and no restrictions of this Chapter will prevail.
For further queries & clarifications visit www.thecompanydesk.webatu.com
Or write us at thecompanydesk@gmail.com
The Company Law Desk
Section 73 of the Companies Act, 2013 states that the restrictions of “Acceptance of Deposits” will not be applicable on NBFC.
Also as per Rule 2 (c) of the Acceptance of Deposits Rules, the amount received from recognised Public Financial Institution (which as per RBI guidelines covers NBFC) will not be treated as deposits.
Thus, a Company can take loans from NBFC and no restrictions of this Chapter will prevail.
For further queries & clarifications visit www.thecompanydesk.webatu.com
Or write us at thecompanydesk@gmail.com
The Company Law Desk
18 April 2014
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